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Possible Bullish Inside Day Candle Pattern Detected for Timken (NYSE:TKR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Timken (NYSE:TKR) based on the price action in the company's shares. Today's price range of $29.33 and $29.60 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Timken may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Timken has traded in a range of $22.22 to $40.89 and is now at $29.48, 33% above that low. The 200-day and 50-day moving averages have moved 0% lower and 1.01% higher over the past week, respectively.

Timken (NYSE:TKR) has potential upside of 19.6% based on a current price of $29.48 and analysts' consensus price target of $35.25. The stock should run into initial resistance at its 200-day moving average (MA) of $30.55 and subsequent resistance at its 50-day MA of $33.16.

The Timken Company manufactures and distributes anti-friction roller bearings and specialty alloy steels. The Company's products are used in general industry and in a wide variety of products, including passenger cars, machine tools, farm and construction equipment, and rolling mills, and other products.

SmarTrend recommended that its subscribers protect gains by selling shares of Timken on May 5th, 2016 by issuing a Downtrend alert when the shares were trading at $33.63. Since that call, shares of Timken have fallen 13.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle timken

Ticker(s): TKR